Form 3508D is a special form that some First Draw PPP borrowers may be required to submit in addition to their primary forgiveness application if certain government officials hold a controlling interest in their business.
Borrowers only need to fill out and submit Form 3508D if:
- For any First Draw PPP loan made before December 27, 2020, if the President of the United States, Vice President of the United States, the head of an Executive department, or a Member of Congress, or the spouse of any such person as determined under applicable common law, directly or indirectly held a controlling interest in the borrower on the date of the loan application.
- For purposes of this section, the term “controlling interest” means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in a borrower.
- For purposes of making this determination, the securities owned, controlled or held by the individual and spouse shall be aggregated. The term “equity interest” means (1) a share in a borrower, without regard to whether the share is transferable or classified as stock or anything similar, (2) a capital or profit interest in a limited liability company or partnership, or (3) a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share of interest described in (1) or (2), respectively.
- The term “Executive department” has the meaning given the term in section 101 of title 5, United States Code. The term “Member of Congress” means a Member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico.
If you meet the criteria above and must submit Form 3508D:
- Download Form 3508D here.
- Fill it out and email it to email@example.com with "Form 3508D" in the subject line after you submit your loan forgiveness application.